Applied Actuarial Science with an Industrial Placement - MSc

Actuaries evaluate and manage financial risk. They make financial sense of the future for their clients by applying advanced mathematical and statistical techniques to solve complex financial problems.

Overview

Qualifying as an actuary is a passport to a wide variety of careers in insurance companies, investments, pensions, health care and banking – not just in the UK, but throughout the world. Kent is one of a very few universities in the UK to teach the subject.

Our MSc in Applied Actuarial Science with an Industrial Placement is fully accredited by the Institute and Faculty of Actuaries; it also provides a fast-track route to qualifying as an actuary, because students who achieve a high enough overall mark in this programme can obtain exemptions from the professional examinations included within their studies.

The MSc is only available as a full-time (one-year) programme plus placement (of varying lengths) extending the MSc programe to between 15 and 24 months. It is suitable for those who have completed a first degree or postgraduate diploma in Actuarial Science, or those who have studied the majority of the earlier subjects in the Core Technical Stage subjects.

The start date and duration of the Industrial Placement depend on the employer. Students on a longer placement module (i.e. 6, 9 or 12 months) can transfer to a shorter module if the placement arrangement changes unavoidably once the student has embarked on it, but if a student cannot complete the minimum of three months placement he/she will be required to transfer to the MSc programme without a placement. Placements may be undertaken in the UK or overseas.

About the School of Mathematics, Statistics and Actuarial Science (SMSAS)

The School has a strong reputation for world-class research and a well-established system of support and training, with a high level of contact between staff and research students. Postgraduate students develop analytical, communication and research skills.

In 2010, the Centre for Actuarial Science, Risk and Investment (CASRI) was set up within SMSAS to reflect the widening scope of the teaching and research of the staff. Areas of research interest include economic capital and risk management for financial services firms, mortality and longevity modelling, longevity indices and markets. Other research topics include genetics and insurance, insurance economics, pensions and corporate reporting.

The Centre includes 13 professionally qualified actuaries with many years’ practical experience in insurance and pensions, and who maintain excellent links with the actuarial profession.

Think Kent video series

How long are you likely to live? Being able to model human longevity accurately is essential for pension schemes and life insurance companies. In this entertaining lecture, Professor Paul Sweeting, Professor of Actuarial Science at the University of Kent, explores the key issues, and how research is helping to address them.

National ratings

In the Research Excellence Framework (REF) 2014, 100% of our research was judged to be of international quality and we were ranked 25th in the UK for research power.

An impressive 92% of our research-active staff submitted to the REF and the School’s environment was judged to be conducive to supporting the development of world-leading research.

Course structure

The course is based on a ‘core modules plus options’ structure and exemptions can be gained from the following professional examinations in the Core Applications Stage and Specialist Technical Stage: CA1, CA3, ST2, ST4 to ST9. You can also choose the optional Financial Modelling modules, which prepare you for subject CA2 in the Core Applications Stage. Find out more about accreditation for this programme and the Institute and Faculty of Actuaries examinations.

You must take 180 credits in order to pass the MSc. If you take fewer than 180 credits, you may be eligible for the Postgraduate Diploma in Applied Actuarial Science.

Your placement

Placements normally commence shortly after the final exam series has been completed (September) and vary in length from three months to 50 weeks, extending the MSc programme to between 15 and 24 months. The start date and duration depend on the employer. Students on a longer placement module (i.e. 6, 9 or 12 months) can transfer to a shorter module if the placement arrangement changes unavoidably once the student has embarked on it, but if a student cannot complete the minimum of three months placement he/she will be required to transfer to the MSc programme without a placement. Placements may be undertaken in the UK or overseas.

The University does not guarantee every student will find a placement. Those who do not secure a placement will be transferred to the MSc programme without a placement.

The placement consists of two modules: Industrial Placement Experience and Industrial Placement Report. Four versions of the Experience module exist to cover placements of different lengths. The Experience module is assessed as pass/fail only and the Report module is graded on a categorical scale.

Modules

The following modules are indicative of those offered on this programme.
This list is based on the current curriculum and may change year to
year in response to new curriculum developments and innovation. Most
programmes will require you to study a combination of compulsory and
optional modules. You may also have the option to take modules from
other programmes so that you may customise your programme and explore
other subject areas that interest you.

Marks on this module can count towards exemption from the professional examination CA1 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

The aim of this module is to develop the student's ability to apply a wide range of key actuarial concepts in simple traditional and non-traditional situations. Outline syllabus includes: how to do a professional job; contract design; modelling; data; setting assumptions; expenses; pricing and financing strategies; valuing liabilities; accounting and disclosure; surplus and surplus management; sources of risks; risks in benefit schemes; pricing and insurance risks; the risk management process; risk management tools; capital management and monitoring experience.

Marks on this module can count towards exemption from the professional examination CA1 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

Actuaries deal with complex actuarial and financial concepts in multi-disciplinary teams, so it is vital that they can communicate these concepts clearly and effectively to a wider audience. This module helps students to develop the ability to present fundamental actuarial ideas and concepts clearly to a wide range of different recipients. Students will be expected to demonstrate effective communication skills using a variety of different media, including PowerPoint slide presentations, and formal/informal letters and e-mails. Exercises are based on real-world commercial situations, and there are two group exercises, one of which is assessed.

Marks on this module can count towards exemption from the professional examination CA3 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

Students spend a period doing paid work in an organisation outside the University, usually in an industrial or commercial environment, applying and enhancing the skills and techniques they have developed and studied earlier during their degree programme. Employer evaluation, personal and professional reviews and on-line blogs are assessed.

The aim of the module is to introduce the students to actuarial research topics. The students will be introduced to research tools which they will use to carry out a short project on one of these topics. Outline syllabus includes: Scientific word-processing and computing, in which students are introduced to, and gain experience of, the main computing utilities currently used in the School and across campus which are relevant to the course. Scientific word-processing will be taught using LaTex. Students will also be introduced to the statistical software R. Topics in advanced topical actuarial research: Students will be introduced to areas of actuarial research which are topical and are of interest to the actuarial profession. This may include, but is not limited to, advanced topics on financial risk management, mortality models and adverse selection. Project work: There is no fixed syllabus for this component of the course. Students will work on one of the areas of actuarial research introduced in the course. They will produce a review of existing literature on the particular topic to gain a better understanding of the issues involved. The students will then be required to make a contribution to the knowledge and understanding of that particular area of research and produce a written report.

This module gives students practical experience of working with the financial actuarial model, PROPHET, which is used by commercial companies worldwide primarily for profit testing, valuation and model office work. On successful completion of the module, students will have developed skills in solving actuarial problems using appropriate computer techniques. They will also have developed skills using appropriate information technology. Outline syllabus includes: overview of the uses and applications of PROPHET; introduction on how to use the software package (including security implications); using Example Model Office to perform and check the results (for reasonableness) on new business profit tests on various products using the edit facility on the model point file, parameter file and global file; creation of a new product on PROPHET using an empty workspace and selecting the appropriate indicators and variables for that product; setting up a model point file, parameter file and global file for the new product and also setting up a run setting and run structure for this product; performing a profit test for the new product using one in force model point and one new business model point and checking the cash flow results obtained; performing a number of sensitivity tests on a series of new business model points to achieve a given profit criteria; reporting on dependencies in Diagram View; updating the library and product; using the re-scan and regeneration of products facilities.

This module builds on the knowledge of the use of PROPHET introduced to students in MA950  PROPHET 1. On successful completion of the Module, students will have developed skills in solving actuarial problems using appropriate computer techniques. They will also have developed skills using appropriate information technology. Outline syllabus includes: using Example Model Office to perform and check the results (for reasonableness) on Model Office runs using multiple products and the total business summary file including when changes have been made to the assumptions to the global file; using the Model Office run view to analyse the effect that changes to the input data has had on the model; running Model Office with products from the Example Model Office and creating reports on model office runs summarising the results obtained; using PROPHET "goal seek" capability to find a premium rate that achieves a desired level of profitability for a new business model point; using PROPHET "goal seek" capability to find a premium rate that achieves a desired level of profitability for a new business model point using 3 further measures of profitability (Internal Rate of Return, Break Even Month and Profit Margin); using the PROPHET Data Conversion System to read an input file in ASCII format to i) perform a number of calculations on the individual policy data and then produce output files for use by PROPHET system, ii) add validation checks and correction rules to the programme and iii) group the data so that grouped model point file rather than individual model point file data is produced; calculating valuation reserves for a number of policies on several valuation bases for a Term Assurance product and checking the results using a spreadsheet.

This module introduces computer-based financial models in Microsoft Excel and shows how to analyse and summarise data, develop and document a model, and to apply, interpret and communicate the results. On successful completion of the module, students will be able to (a) understand the principles of specific applied actuarial techniques, (b) prepare, summarise and analyse raw data, (c) develop and document computer models to solve actuarial problems, and (d) apply, interpret and communicate the results of the models.

The aim of this module is to introduce the key principles of Enterprise Risk Management ("ERM") within an organisation (e.g. insurance companies, banks, pension schemes). ERM involves the integration of risk management across an organisation, rather than treating each individual risk which an organisation faces separately. Students should gain an understanding of the implementation and application of ERM; as such successful students in MA909 will acquire skills which are applicable to a diverse range of organisations and scenarios. A number of syllabus items are highly technical - students will be introduced to a number of concepts such as copulas and GARCH models, whilst developing concepts introduced under CT6, CT8 and CA1. As such students intending to study this module should be confident with material studied in the CT6 and CT8 syllabuses. Outline syllabus: ERM framework and processes, risk classification, modelling risks and correlations, identifying, measuring and managing risks across an organisation, economic capital, application of quantitative techniques/models such as copulas, extreme value theory, credit risk models, GARCH models.

Marks on this module can count towards exemption from the professional examination ST9 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

This module introduces students to the principles of actuarial planning and control, and mathematical and economic techniques, relevant to life insurance companies. The student should gain the ability to apply the knowledge and understanding, in simple situations, to the operation, on sound financial lines, of life insurance companies. Outline syllabus includes: principal terms used in life insurance; the main types of life insurance products; methods of distributing profits to with profits policyholders including the use of asset shares; effect of the general business environment on a life insurance company; risks to a life insurance company and methods to manage these risks (including the use of reinsurance and underwriting); use of actuarial models for decision making purposes; principles of unit pricing and the technique of actuarial funding for unit linked life insurance contracts; cost of guarantees and options; determining discontinuance and alteration terms for without profits contracts; factors to consider in determining a suitable design for a life insurance product; setting assumptions for pricing and valuing life insurance contracts; determining supervisory reserves; principles of investment for a life insurance company; monitoring actual experience of a life insurance company.

Marks on this module can count towards exemption from the professional examination ST2 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

The aim of this module is to develop student's ability to apply, in simple situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of providers of pensions or other employee benefits. The syllabus includes: providers of pensions and other benefits, meeting the needs of interested parties; environment in which benefits are provided; scheme design; risk and uncertainties; financing benefits; investment; actuarial valuations  use of models; asset and benefit valuation models; funding methods; assumptions; discontinuance; valuation data; the need for valuations; options and guarantees; asset liability matching; insurance; sources of surplus; analysis of experience.

Marks on this module can count towards exemption from the professional examination ST4 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

This aim of this module is to introduce students to various financing and investment opportunities available to participants in financial markets. The module covers various different asset classes like to hedge funds, private equity, infrastructure and derivatives pricing and valuation. The module also explores the relationship between investors and investment managers in detail. The concepts of risk and return and the roles of regulators, central banks and governments are also analysed. Outline syllabus includes: the theory of finance, specialist asset classes, influence of regulatory and legislative framework on markets, fundamental analysis, valuation of assets, investment indices, performance measurement, risk control, actuarial techniques, portfolio management and taxation.

Marks on this module can count towards exemption from the professional examination ST5 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

Marks on this module can count towards exemption from the professional examination ST6 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

The aim of this module is to develop the student's ability to apply, in simple situations, the mathematical and economic techniques and the principles of reserving and capital modelling needed for the operation on sound financial lines of general insurers. Outline syllabus includes: insurance products; reinsurance products; the business environment; Lloyd's; risk and uncertainty; data; actuarial investigations; reserving by triangulation methods; reserving bases; stochastic claims reserving; assessment of reserving results; use of ranges and best estimates in reserving; investment principles and asset liability matching; capital modelling; determining appropriate reinsurance; reserving of reinsurance; accounting principles; interpreting accounts; regulation.

Marks on this module can count towards exemption from the professional examination ST7 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

The aim of this module is to develop the student's ability to apply, in simple situations, the mathematical and economic techniques and the principles of premium rating needed for the operation on sound financial lines of general insurers. Outline syllabus includes: insurance products; reinsurance products; the business environment; risk and uncertainty; data; actuarial investigations; risk models; introduction to rating methodologies and bases; rating using frequency-severity and burning cost approaches; rating using original loss curves; generalised linear modelling; use of multivariate analysis in pricing; credibility theory; rate monitoring; pricing of reinsurance; use of catastrophe models.

Marks on this module can count towards exemption from the professional examination ST8 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

Students spend a period of time doing paid work in an organisation outside the University, usually in an industrial or commercial environment, applying and enhancing the skills and techniques they have developed and studied in the earlier stages of their MSc programme.

The work they do is entirely under the direction of their industrial supervisor, but support is provided by the SMSAS Placement Officer or a member of the academic team. This support includes ensuring that the work they are being expected to do is such that they can meet the learning outcomes of the module.

Participation in this module is dependent on students obtaining an appropriate placement, for which support and guidance is provided through the School in the year leading up to the placement. It is also dependent on students completing the taught component of their studies. The University does not guarantee that every student will find a placement.

Students who do not obtain a placement will be required to transfer to the appropriate programme without an Industrial Placement.

Students spend a period of time doing paid work in an organisation outside the University, usually in an industrial or commercial environment, applying and enhancing the skills and techniques they have developed and studied in the earlier stages of their MSc programme.

The work they do is entirely under the direction of their industrial supervisor, but support is provided by the SMSAS Placement Officer or a member of the academic team. This support includes ensuring that the work they are being expected to do is such that they can meet the learning outcomes of the module.

Participation in this module is dependent on students obtaining an appropriate placement, for which support and guidance is provided through the School in the year leading up to the placement. It is also dependent on students completing the taught component of their studies. The University does not guarantee that every student will find a placement.

Students who do not obtain a placement will be required to transfer to the appropriate programme without an Industrial Placement.

Students spend a period of time doing paid work in an organisation outside the University, usually in an industrial or commercial environment, applying and enhancing the skills and techniques they have developed and studied in the earlier stages of their MSc programme.

The work they do is entirely under the direction of their industrial supervisor, but support is provided by the SMSAS Placement Officer or a member of the academic team. This support includes ensuring that the work they are being expected to do is such that they can meet the learning outcomes of the module.

Participation in this module is dependent on students obtaining an appropriate placement, for which support and guidance is provided through the School in the year leading up to the placement. It is also dependent on students completing the taught component of their studies. The University does not guarantee that every student will find a placement.

Students who do not obtain a placement will be required to transfer to the appropriate programme without an Industrial Placement.

Students spend a period of time doing paid work in an organisation outside the University, usually in an industrial or commercial environment, applying and enhancing the skills and techniques they have developed and studied in the earlier stages of their MSc programme.

The work they do is entirely under the direction of their industrial supervisor, but support is provided by the SMSAS Placement Officer or a member of the academic team. This support includes ensuring that the work they are being expected to do is such that they can meet the learning outcomes of the module.

Participation in this module is dependent on students obtaining an appropriate placement, for which support and guidance is provided through the School in the year leading up to the placement. It is also dependent on students completing the taught component of their studies. The University does not guarantee that every student will find a placement.

Students who do not obtain a placement will be required to transfer to the appropriate programme without an Industrial Placement.

Teaching and Assessment

Assessment is usually by a mixture of coursework and examination; exact weightings vary from module to module.

Accreditation

Students who are considered to have performed sufficiently well in the programme (both in examinations and coursework), as determined by an examiner appointed by the UK Actuarial Profession, will be exempt from subjects CA1, CA3 and the Specialist Technical subjects studied within the programme.

If you fail to achieve a suitable overall standard, you might still be awarded individual module exemptions as recommended by the Profession’s examiner. Please note that individual exemptions are granted based on the final written examinations only.

Continuation to Industrial Placement

The taught component, project and work placement constitute a single stage. (The varying order and timings make it difficult to apply a progression point.) However, commencement of the placement is conditional on satisfactory progress in the taught component, as determined at the interim examination board in June. A student with resits amounting to more than 30 credits following the August exam diet will normally be required to retrieve the credit before beginning a placement.

To be eligible for the award of an MSc with an Industrial Placement, students must meet the requirements for the award of the MSc without a placement and pass both of the placement modules. Alternative exit awards (PDip and PCert with an Industrial Placement) follow a similar rule.

Programme aims

This programme aims to:

provide successful students with eligibility for subject exemptions from the Core Application and Specialist Technical series of examinations of the Institute and Faculty of Actuaries. This means obtaining a thorough knowledge of core actuarial applications, developing the ability to apply this knowledge in a practical situation and gaining current knowledge and understanding of the practice of major areas in which actuaries are involved.

develop your understanding, knowledge and awareness of current problems, much of which is at the forefront of current professional practice.

ensure you are competent in the use of information technology, and are familiar with computers, together with the relevant software.

Learning outcomes

Knowledge and understanding

You will gain knowledge and understanding of:

complex techniques applicable to the solution of problems in all the major areas of current professional actuarial practice

complex current issues in the major areas of current professional practice.

Intellectual skills

You develop intellectual skills in:

the ability to demonstrate a high level of understanding of the main body of knowledge for the programme

the ability to demonstrate skill in calculation and manipulation of the material written within the programme

the ability to apply a range of concepts and principles in various contexts

the ability for logical argument

the ability to demonstrate advanced skills in solving problems in complex situations by various appropriate methods

the ability to work with relatively little guidance.

Subject-specific skills

You gain subject-specific skills in:

the specific mathematical and statistical techniques used in actuarial science, and in their application to solving actuarial problems

understanding the practical applications of programme material in insurance.

Transferable skills

You will gain the following transferable skills:

communication: the ability to organise information clearly, respond to written sources, present information orally, adapt style for different audiences and use images as a communication tool

numeracy: make sense of statistical materials, integrate numerical and non-numerical information, understand the limits and potentialities of arguments based on quantitative information

problem-solving: identify and define problems, explore alternative solutions and discriminate between them

working with others: the ability to define and review the work of others, work co-operatively on group tasks, understand how groups function

the ability to make sound judgements

the ability to make decisions in complex situations.

Careers

The UK Actuarial Profession

The UK Actuarial Profession is small, but influential and well rewarded. There are more than 6,500 actuaries currently employed in the UK, the majority of whom work in insurance companies and consultancy practices.

Survey results published by the Institute and Faculty of Actuaries suggest that the average basic salary for a student actuary is £36,842 with pay and bonuses increasingly sharply as you become more experienced. The average basic salary of a Chief Actuary is £209,292.

As an actuary, your work is extremely varied and can include: advising companies on the amount of funds to set aside for employee pension payments; designing new insurance policies and setting premium rates; pricing financial derivatives and working in fund management and quantitative investment research; advising life insurance companies on he distribution of surplus funds; and estimating the effects of possible major disasters, such as earthquakes or hurricanes, and setting premium rates for insurance against such disasters. For more information about the actuarial profession, see www.actuaries.org.uk

Employability support

Helping our students to develop strong employability skills is a key objective within the School and the University. We provide a wide range of services and support to equip you with transferable vocational skills that enable you to secure appropriate professional positions within industry. Within the School we run specialist seminars and provide advice on creating a strong CV, making job applications and successfully attending interviews and assessment centres.

Our graduates have gone on to successful careers in the actuarial, finance, insurance and risk sectors.

Professional recognition

Professional accreditation by the Institute and Faculty of Actuaries

Study support

Postgraduate resources

The University’s Templeman Library houses a comprehensive collection of books and research periodicals. The University of Kent has entered into an exclusive arrangement with SunGard, a global leader in integrated software and processing solutions primarily for financial services, who market the industry’s leading actuarial software package PROPHET. As a result, our taught postgraduate courses include optional modules on the uses and applications of PROPHET.

Professional qualifications

This MSc in Applied Actuarial Science offers exemption from subjects in the Core Applications Stage and the Specialist Technical Stage of the professional examinations.

The International Master’s offers exemptions from eight subjects within the Core Technical stage in the first year and exemptions from the Core Applications and Specialist Technical stages in the second year of the programme.

Links with industry

The Centre for Actuarial Science, Risk and Investment maintains close relationships with industry actuaries through the Invicta Actuarial Society, a regional actuarial society which holds its meetings at the Canterbury campus and is organised by University of Kent students and academic staff. The Society hosts an annual lecture in conjunction with the Worshipful Company of Actuaries, featuring prestigious speakers from industry and the profession. The Society also arranges talks from external speakers including practitioners, careers advisers and recruiters from the UK and overseas.

Dynamic publishing culture

Staff publish regularly and widely in journals, conference proceedings and books. Among others, they have recently contributed to: British Actuarial Journal; Actuary Australia; Annals of Actuarial Science; Journal of Pension Economics and Finance. Details of recently published books can be found under staff research interests.

Global Skills Award

All students registered for a taught Master's programme are eligible to apply for a place on our Global Skills Award Programme. The programme is designed to broaden your understanding of global issues and current affairs as well as to develop personal skills which will enhance your employability.

Entry requirements

A good first degree in Actuarial Science, or a degree that covers all or most of the Core Technical Stage subjects of the Institute and Faculty of Actuaries’ examinations. We may also accept applicants who have a good first degree in another subject and who have passed most of the Core Technical Stage subjects.

All applicants are considered on an individual basis and additional qualifications, and professional qualifications and experience will also be taken into account when considering applications.

International students

English language entry requirements

The University requires all non-native speakers of English to reach a
minimum standard of proficiency in written and spoken English before
beginning a postgraduate degree. Certain subjects require a higher
level.

Need help with English?

Please note that if you are required to meet an English language
condition, we offer a number of pre-sessional courses in English for
Academic Purposes through Kent International Pathways.

Research areas

Work in actuarial science at the University of Kent can be divided
into three broad themes achieving a balance of theoretical and applied
investigations, as well as addressing social policy implications.

Economic capital and financial risk management

With the advent of new risk-based regulations for financial services
firms, specifically Basel 2 and Basel 3 for banks and Solvency 2 for
insurers, there is now a heightened focus on the practical
implementation of quantitative risk management techniques for firms and
defined benefit pension schemes operating within the financial services
sector.

In particular, financial services firms are now expected to
self-assess and quantify the amount of capital they need to cover the
risks they are running. This self-assessed quantum of capital is
commonly termed risk, or economic, capital.

At Kent we are actively involved in developing rigorous risk
management techniques to explicitly measure how much risk a firm or
pension scheme is taking, holistically, across the entire spectrum of
risks it accepts.

Longevity risk

Longevity risk represents a substantial threat to the stability of
support programmes for the elderly, most notably to the subset that
provides income protection but also to non-traditional products such as
home equity release schemes.

One approach to dealing with longevity risk is to model key factors
that influence mortality; this may be achieved using aggregate (causal)
mortality rates or panel data with individual-specific covariates.
Another approach to modelling longevity risk is via an investigation of
positive quadrant dependence between lives, which requires a
multivariate framework. Once this is in place, longevity risk may be
investigated on various fronts ranging from entire populations to
couples.

Public policy aspects of risk classification

Restrictions on risk classification can lead to adverse selection,
and actuaries usually regard this as a bad thing. However, restrictions
do exist in many countries, suggesting that policymakers often perceive
some merit in such restrictions. Careful re-examination of the usual
actuarial arguments can help to reconcile these observations.

Models of insurance purchasing behaviour under different risk
classification regimes can quantify the effects of particular bans, e.g.
on insurers’ use of genetic test results, or gender classification in
the European Union.

Fees

For students continuing on this programme fees will increase year on year by no more than RPI + 3% in each academic year of study except where regulated.* If you are uncertain about your fee status please contact information@kent.ac.uk

The University of Kent makes every effort to ensure that the information contained in its publicity materials is fair and accurate and to provide educational services as described. However, the courses, services and other matters may be subject to change. Full details of our terms and conditions can be found at: www.kent.ac.uk/termsandconditions.

*Where fees are regulated (such as by the Department for Education or Research Council UK) permitted increases are normally inflationary and the University therefore reserves the right to increase tuition fees by inflation (RPI excluding mortgage interest payments) as permitted by law or Government policy in the second and subsequent years of your course. If we intend to exercise this right to increase tuition fees, we will let you know by the end of June in the academic year before the one in which we intend to exercise that right.

If, in the future, the increases to regulated fees permitted by law or Government policy exceed the rate of inflation, we reserve the right to increase fees to the maximum permitted level. If we intend to exercise this extended right to increase tuition fees, we will let you know by the end of June in the academic year before the one in which we intend to exercise that right.